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Press Room
Local Southeast Asian Subsidiary Established in Vietnam
2009-01-08
In December 2008, Toyota Tsusho Corporation (hereinafter referred to as "Toyota Tsusho"; Headquarters: Nagoya City; President: Junzo Shimizu) established Toyota Tsusho Vietnam Company Limited (hereinafter referred to as "TTVN"; Headquarters: Hanoi City; Branch office: Ho Chi Minh City), a wholly owned subsidiary with trading company functions in the Socialist Republic of Vietnam.
1. Background
Vietnam has been seeking to deregulate the country's domestic market for service industries, following membership into the World Trade Organization (WTO) in January 2007. Starting in January 2009, it became possible to establish in Vietnam local subsidiary trading companies, wholly owned with foreign capital. Toyota Tsusho had been considering Vietnam as a model nation for the company business in the non-automotive industry sector, and for the four years since 2004, activities have been implemented in this prioritized region. A decision was made to start new business operations, taking advantage of the deregulation of foreign investments to establish a local subsidiary.
2. Main future activities
(1) Sewn products manufacturing, primarily apparel (such as uniforms)
(2) Importation and sale of raw materials for detergents
(3) Production and processing of foodstuffs
(4) Distribution of automotive parts
(5) Importation and sale of metals
(6) Provision of support for Japanese businesses entering the local market
(7) Resource development projects
Toyota Tsusho will develop operations by making effective use of its functionality and its available networks, by planning ways to offer functionality to its customers, and especially by firmly grasping business opportunities in non-automotive industry sectors. The sales amount is targeted to reach about JPY120 billion by 2012 and efforts are being made to realize this goal.
3. Summary of TTVN
Location (headquarters): Hanoi City, Socialist Republic of Vietnam
(branch office): Ho Chi Minh City
Establishment date: December 29, 2008
Capital: US$3 million (approx. JPY300 million)
Controlling shares: Toyota Tsusho (100%)
Number of employees: 78 (12 of which are Japanese-resident staff dispatched from Japan)
Representative officer: Hiroshi Matsumura (dispatched from Toyota Tsusho and posted full-time)
Business lines: Trading involving importation, exportation, and foreign transactions dealing with various products in the industry sectors of metals, machinery, electronics, automotive, energy and chemicals, foodstuff, and lifestyle goods.
(Current as of the end of December 2008)
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